While class presentations, reports of potential customers, and support of partners and competitors were smooth sailing, Institute of Applied Agriculture students enrolled in INAG 102: Agricultural Entrepreneurship discovered that is only a small percentage of making a business profitable. When the course instructor, Tope Fajingbesi announced mandatory participation in the Terp Market Place on Wednesday, November 20, each of the four student groups doubled their efforts to put class work into practice. In true IAA fashion, students applied skills learned in their entrepreneurship class and in INAG103: Agricultural Marketing to real time marketplace selling
Two teams, Terrapin Sauce and The Fresher the Better displayed their products side by side at the marketplace. Rather than competing with each other, the teams motivated and challenged one another during the two-hour-long event. Each team used a different approach to woo customers. Terrapin Sauce lured customers to their table with interesting names such as “Shell-Shocked” to describe its hot sauces and allowed customers to sample the sauces before buying. The Fresher the Better relied on customer familiarity with its products, which included muffins and trail mixes. The team banked on the popularity of two of its members whose friends became fast customers. When the team realized how popular its muffins were, The Fresher the Better team doubled the price per muffin form $1 to $2.
Both teams started the semester on a different path, but as they learned more in the class, new ideas emerged. The Fresher the Better team came a long way from the initial idea of selling fresh produce to students on campus. Based on the success at the Terp Marketplace, they feel they are on the right path in their entrepreneurship journey. Terrapin Sauce, also had a steady stream of interest and income at the marketplace. This team pivoted from their initial idea of producing herbal infused wines to making a variety of hot sauce.
“At first, it was unclear if this business model would work, but being here [Terp Market Place] shows us that we can make things happen despite changes and challenges,” said Shana Burke, Terrapin Sauce member.
Two other teams, Rod and Relax, a group set up to help students relieve stress through fishing; and Body Scrubz, a startup that produces body scrubs from natural ingredients also participated in the market place. All of the teams were very delighted by their experience at the market place because they had the opportunity to apply skills learned in class, make a profit, and prepare for their final deliverable in INAG 102, pitching their business model in front of a panel of judges. The groups were even invited to join AGNR’s Ag Enterprise Challenge, an initiative of the College of Agriculture and Natural Resources (AGNR) to promote innovation, entrepreneurship, and commercialization in agriculture, natural resources, and environmental sustainability.
